Blackfield

Power costs something different every hour. We help you sell it when it is worth more.

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Energy arbitrage and asset aggregation in Moldova

We run storage on the day-ahead market and pool smaller assets into one portfolio.

By day power is cheap, in the evening it is expensive

01 · Hourly price

583 MW (56%) of renewable capacity operates on the free market without state support and is exposed to the midday surplus; in spring and summer the average daytime price on OPCOM falls to €0–25/MWh. WatchDog.md, 2026 ↗

0006121824
PV outputDemandMidday surplusIllustrative

A forecast error costs money

02 · Imbalance

The single imbalance price turns any deviation from the schedule into a direct cost for the producer.

What it is
the gap between schedule and actual output
How it is paid
at the single imbalance price
Who is responsible
the balance responsible party (BRP)
How to cut it
forecasting, storage, aggregation

A battery buys low and sells high

03 · Storage

It charges when prices are low, delivers at the peak and covers deviations from the schedule.

PV + BESS plants

Every day — a new plan

04 · The daily plan

Price and output forecasts, the day-ahead bid, charge control — every day.

Moldova’s day-ahead market has run since December 2025; the record is 542 MWh for 2 July 2026 at an average price of €99/MWh. OPCOM, 01.07.2026 ↗

0006121824low price — chargehigh price — sell
BESS state of chargeDay-ahead priceIllustrative

Aggregation: small assets work the market together

05 · Aggregation

PV plants, BESS and flexible load in one portfolio: deviations partly cancel out, and volume carries weight on the market.

Portfolio

Illustrative

01Blackfield’s role in the market

We work in arbitrage and aggregation: we run storage on the market and pool assets into a portfolio. Blackfield is not a balancing service provider (BSP / FSE) and does not provide balancing services to Moldelectrica.

02Economics

Where the revenue comes from

  • Day-ahead arbitrage

    Charge in cheap hours, sell in the expensive hours of the day-ahead market.

  • Lower imbalance costs

    Storage and the portfolio cover deviations from the declared schedule.

  • Less curtailment

    Energy that would be cut at noon goes into the battery.

  • Portfolio strength

    Volume and a mix of assets reduce the risk of any single plant.

An arbitrage revenue calculator with ranges and disclaimers comes in the second phase.

03Who it is for

Assets for arbitrage and aggregation

  • PV plants on the free market

    They sell at noon, when the price is lowest — storage and a portfolio change that.

  • BESS owners

    A battery earns only if it is dispatched well every day.

  • Small producers

    Together with other assets, deviations and market costs go down.

  • Industrial consumers

    Flexible demand moves into cheap hours.

04How to join

From data to the first report

  1. 01

    Asset audit

    Hourly output, contracts, how you sell, equipment.

  2. 02

    Revenue model

    Arbitrage, imbalances, price scenarios.

  3. 03

    Contract and portfolio

    Terms of work and adding the asset.

  4. 04

    Telemetry and EMS

    Real-time data and battery control.

  5. 05

    Daily day-ahead trading

    Forecast, bid, schedule execution.

  6. 06

    Monthly reports

    Revenue, deviations, recommendations.

05Balancing market

The neighbouring market: balancing

Reserves for Moldelectrica are supplied by registered BSPs (FSE). Blackfield is not a BSP; batteries built with spare capacity can take part in this market through a registered provider. Below is how that market works.

Frequency

50.00 Hz

normal

  1. FCRseconds
  2. aFRRafter 30 seconds
  3. mFRRminutes, on dispatcher’s command
  4. RRreplaces the reserves before it

Illustrative

ROUAMDimport

Estimated BESS need

246 MW

aFRR available now

≈ 0 · practically zero

  • 246 MW

    aFRR in Moldova is practically zero today; an estimated 246 MW of BESS is needed for balancing (72 MW aFRR + 174 MW mFRR); Moldelectrica is an observer in ENTSO-E, and full membership depends on reserves.

    Source: Renergy.md, 14.07.2026 ↗

  • 25 MW

    On 11 June 2026 Moldelectrica activated balancing services from hybrid PV + storage plants for the first time — Rădeni (50 MW) and Negureni (40 MW), up to 25 MW.

    Source: Radio Moldova, 12.06.2026 ↗

  1. 2020

    Electricity market rules adopted by ANRE decision No. 283/2020.

    Source: Renergy.md, 14.07.2026 ↗

  2. 16.03.2022

    Emergency synchronisation of the Moldovan and Ukrainian systems with the European ENTSO-E grid.

    Source: Renergy.md, 14.07.2026 ↗

  3. October 2025

    First balancing capacity auction; framework contracts until 31.12.2030.

    Source: Renergy.md, 14.07.2026 ↗

  4. 2025

    ANRE decision No. 853/2025 — rules for BRPs and BSPs under Law 164/2025; the single imbalance price turns a forecast error into a direct cost for the producer.

    Source: Renergy.md, 14.07.2026 ↗

  5. December 2025

    Launch of the day-ahead market (PZU); the goal is coupling with EU markets from 2028.

    Source: OPCOM, 01.07.2026 ↗

06Arbitrage and aggregation in brief

What energy arbitrage is

On the day-ahead market (PZU) the price of power is set separately for every hour. At noon, when all solar plants produce at once, the price falls — in spring and summer the average daytime price drops to €0–25/MWh (WatchDog, 2026). In the evening demand rises and the sun is gone. Arbitrage means keeping cheap energy and selling it in expensive hours.

Moldova’s day-ahead market has run since December 2025 and is growing fast: the record is 542 MWh for 2 July 2026 at an average price of €99/MWh (OPCOM). The goal is coupling with EU markets from 2028.

The role of the battery

The tool of arbitrage is a battery energy storage system (BESS). It charges when the price is low and delivers when it is high. Results depend on daily discipline: forecasting prices and output, the right day-ahead bid and state-of-charge control. Operating plants can add a battery through a BESS retrofit.

Imbalances: a cost you can cut

The single imbalance price turns any deviation from the declared schedule into a direct cost for the producer. The battery and the portfolio cover those deviations.

Aggregation

A small plant carries forecast and price risk alone. In a portfolio, deviations of different assets partly cancel out, and the combined volume carries weight on the market. We pool PV plants, batteries and flexible load and run the portfolio every day.

What about the balancing market?

It is a separate market: reserves for Moldelectrica are supplied by registered balancing service providers (BSPs, FSE in Romanian). Blackfield is not a BSP and does not provide balancing services. Batteries built with spare capacity can take part in that market through a registered provider. How reserves work is explained in FCR, aFRR, mFRR explained.

What Blackfield does

We audit the asset, build the revenue model, connect telemetry and the energy management system, trade on the day-ahead market every day and report monthly. For new assets we build hybrid PV + BESS plants designed for arbitrage from day one.

07FAQ

What is energy arbitrage?

Buying or storing energy when it is cheap and selling it when it is expensive. For a PV plant that usually means charging a battery at noon and delivering in the evening.

Do I need a battery for arbitrage?

To move energy in time — yes. Without one, the gain comes from better forecasting and aggregation, which cut imbalance costs.

What is aggregation and why does it matter for a small plant?

Several assets work the market as one portfolio. Their deviations partly cancel out, and the combined volume carries more weight than a single plant.

Does Blackfield provide balancing services?

No. Blackfield is not a balancing service provider (BSP / FSE) and does not provide services to Moldelectrica. We work in arbitrage and aggregation.

What data do you need for an assessment?

At least a year of hourly output, the sales contract, the connection capacity and, if available, battery and SCADA data.

How is revenue settled?

Monthly, with a report per asset: arbitrage revenue, the effect on imbalances and recommendations.

08Your asset

Let’s assess what your asset can earn from arbitrage and aggregation

SCADA and telemetry